Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 9 - No. 42)
What is the main purpose of the income statement?
To show a company's assets and liabilities at a specific point in time.
To show a company's financial performance over a period of time.
To show the cash inflows and outflows of a company.
To list the transactions recorded in the general journal.
Explanation
The income statement reports a company's revenues, expenses, and profit or loss over a period.
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